About 91% of homes will be under the new threshold for the basic grant
The government of B.C. has increased its homeowner grant threshold from $1.2 million to $1.6 million - a 33 per cent increase. The province says the increase will ensure that most homeowners who received the grant in 2016 will qualify for it again in 2017. The government expects to spend $821 million on homeowner grants in 2017-18, compared to $809 million in 2016-17, according to a release from the province. 91 per cent of B.C. homes will remain below the new threshold despite recent steep increases in values from B.C. Assessment. The province says 83 per cent of Metro Vancouver homes are below the new threshold.
The homeowner grant reduces property taxes on the owner's principal residence. The basic grant is worth up to $570, or up to $770 if the home is in a northern or rural area. Additional grants are available for seniors, people with disabilities, spouses of veterans and those who qualify as low income.